Qatari real estate men research new ways for diversifying the pillars of the state economy in order to reduce the reliability on oil revenues. That’s why Qatar has started setting the needed basics for diversifying the economic resources and shifting from an oil-dependent state to a strong and vibrant economy.

Qatari businessmen assured that the efforts made by the state these days will absolutely have a positive effect on the state to enable it from achieving Qatar 2030. The main focus is laid on improving the real estate sector due to its positive prospects.

 

Challenges faced by Qatar real estate market

Upon studying the real estate sector we found that it faces a number of challenges which are:

First: Major companies retreat

Major companies now prefer to offers its employees and executives housing allowances instead of providing them with real housing spaces. This left the real estate market depreciating especially in respect of residential and commercial sectors and increased the properties’ vacancy rate.

 

Second: Lands Scarcity

The most significant challenge facing the property market in Qatar is the scarcity of lands. This problem is faced by many developers as the available numbers of lands are limited which surged the prices.

Analysts recommend a serious intrusion from the government’s side to solve this problem by offering new land plots and displaying new residential and commercial schemes in accordance with the studied plans. This will contribute to reducing lands prices and encouraging urban development.

 

Third: Neglecting property sectors

The main focus is laid on luxury and upscale properties which represent only 20% of the Qatari market. The other tiers, which represent 80% of the Qatari society and include newly married couples, youth, expatriates, and employees, are being neglected.

 

Government efforts

According to the consultations companies analyzing the market, the government is currently seeking developing this sector by all means. It seeks establishing new projects, developing current projects, and concentrating on infrastructure projects as well as retail sector, for the sake of attracting greater investments.

Continuing major development projects like Hamad Port, Qatar Railway, sewage and other infrastructure projects, and focusing more on hospitality sector will create a better atmosphere for nurturing more real estate projects in the coming years.

It’s worth mentioning that the real estate sector in Qatar contains under construction projects of 261 billion SAR including spots facilities, transportation facilities, services, electricity stations, water stations, and many other projects.

 

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